I learned something very valuable today. Essentially I am a totally visual learner. I need an image. I knew this but it wasn't heart knowledge. I can learn and experience verbally and written as well but its not my primary way.
This means I need to visually see the levels on the chart....and those levels MUST come from the 30M or higher....preferably the weekly. A mentor told me this the other day, I did it the first day and forgot to derive my levels from the weekly today and totally paid the price for it both in terms of the loss I suffered but also the missed opportunity that was so blatantly obvious from the higher time frame. This morning I took my levels from the five min chart and it was a total bust. I will not make that mistake every again.
No charts today because I didn't take any pictures this morning.....but tomorrow I will make sure I have those pics taken as the morning progresses.
Tuesday, August 2, 2016
Very small trade yesterday. I was long from the bottom of the break out area, it went 20 ticks my way, then reversed for BE and then I went short. Trailed out with a small gain before I had to call it quits for the day. That trade went to my original target of 40.38 and then some.....more time and its monster trade at least for me. As it was, just a tiny little one.